Off-the-plan buyers today won a massive victory in a landmark Supreme Court judgment and major test of new legislation to protect property purchasers.
A developer had taken a group of buyers of a new building in Surry Hills to court to argue it was entitled to rescind their contracts because problems with the development had pushed the completion beyond a sunset clause date.
The buyers argued the developer was merely trying to cancel their contracts so he could resell the apartments for higher prices in the rising market.
Justice Rowan Darke on Wednesday ruled the developer had not acted justly or equitably in trying to rescind the contracts. He dismissed the bid to tear up the contracts, and awarded costs against him.